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A Bittersweet Anniversary

On February 5, 2009, I hit the “SEND” button on my last payment for my 2004 Chevrolet Venture Minivan. It was the last bit of my consumer debt to go to become debt free!

I started my journey to freedom from debt around August of 2006. During the next two and a half years, I worked so much that people in my office asked if I ever went home.

On February 5, 2009, as I sent off that last payment sheer joy radiated from my house. I set a goal to be “debt free in three years” – and I had MADE IT!

In that time frame, I had paid about $50,000 towards consumer debt (credit cards, auto loans) and paid close to $30,000 towards my mortgage. I was elated to be in such a position at only 30 years old. I vowed to never borrow money again.

AND THEN LIFE HAPPENED…

What makes this date bittersweet, is shortly after achieving this new level of freedom, it all came crashing down.

In Late 2011, I started to go through a heavily contested divorce. I began paying my attorney with my credit card. I began living off of my credit cards to cover groceries, gas and paid my bills with them.

Using my credit cards became second nature. I’d use them for everything again.

Don’t want to cook? Charge those dollar burgers to my credit card.

Home improvement project? Charge it! “It’ll make the house worth more.”

My car died. I replaced it with a brand new car and my fiancee (now wife) and I financed the deal. Then we decided we needed a second car. Financed that one too.

After the dust settled, my wife and I surveyed our financial situation, and it’s amazing to think how close we are to the edge of financial ruin. Like many people, we’re just one paycheck away from financial collapse. In the four years after my divorce was finalized I had reversed my financial success and nearly doubled the debt I had previously.

Rather than be discouraged by this – we decided to put our foot down and take back control of our finances.

The reason for this blog will be to share our story, our methods of getting out of debt and the tools we use and will be using to maintain a debt free life.